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EXECUTIVE ORDERS
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EXECUTIVE ORDER NO. 504 -
DIRECTING THE CHAIRMAN OF THE COMMISSION ON AUDIT TO MAKE AN
EXAMINATION INTO THE BUSINESS AFFAIRS, ADMINISTRATION AND CONDITION OF
PAYORS OF THE COCONUT CONSUMERS STABILIZATION FUND LEVY AND OF
MANUFACTURERS OF SUBSIDIZED COCONUT-BASED PRODUCTS
WHEREAS,
by means of the Coconut Consumers Stabilization Fund (“CCSF”),
essential coconut-based products are made available to household
consumers at socialized prices;
WHEREAS, there are reports tending to indicate that there are
irregularities in the collection of the CCSF levy from the payors
thereof and in the payments to subsidy recipients;
WHEREAS, the Protection of the CCSF is a matter of public
interest;
WHEREAS, for that purpose, it is imperative that the Government conduct
an audit of all payors of the CCSF levy and of all subsidy recipients;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the inherent visitorial power of the State, and, pursuant
to Sec. 54 of Act 1459, as amended (the “Corporation Law”), hereby
order the Chairman of the Commission on Audit to make an examination
into the business affairs, administration and condition, up to and as
of the date hereof, of any entity required to pay the CCSF levy imposed
under P.D. 276, as amended, and as reiterated in P.D. 961, and of any
manufacturer of coconut-based products which may have received any
amount as subsidy from collections of the CCSF levy.
Done in the City of Manila,
this 31st day of May, in the year of Our Lord, nineteen hundred and
seventy-eight.
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